US Treasury Restricts Banque Misr Over Alleged Iranian Transactions

The US Treasury has imposed restrictions on Banque Misr's operations in the UAE, accusing the Egyptian bank of facilitating transactions between Iran and the US.

The move targets Banque Misr's ability to open or maintain correspondent accounts with US financial institutions, effectively limiting its access to US dollars.

The Treasury claims that Banque Misr is a 'critical node' for the Iranian regime's access to US funds, suggesting that Iran uses the bank to circumvent sanctions.